For most successful property management firms, growth is at the top of the list of long-term, strategic goals. Whether that growth involves expanding your portfolio, developing partnerships, opening additional offices or something else, there are certain constants that are present in every successful growth projection plan. Without them, achieving the desired end-result will be much more difficult, if not impossible. To make sure your company is on the right track, let’s take a look at these common elements of effective growth forecasting.
Organization
This refers to how your company is structured, the role all employees play internally and the necessary resources to make everything click. When you are planning for growth, you need to develop a clear vision of what your organization will look like in the future. Envisioning this will provide a foundation upon which you can develop a strategy for what resources you’ll need to achieve your desired end-result.
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Observation
Planning for growth involves a good deal of strategic thinking – that is, looking at the big picture from above and developing an action plan for achieving that big-picture goal. This all begins with the ability to observe the present situation and determine what motivating factors are in play (or should be), what problems currently exist and the best way to solve them. In other words, you can’t effectively envision the future until you have a clear picture of where your property management company is today.
Perspective
There’s no magical answer to how you can successfully grow your business, and what’s worked for one property management company may be entirely wrong for another. To that end, planning and strategizing for growth requires the ability to view things from varying perspectives. What are the options and alternatives? What are the prospective outcomes, which ones are better and what are the best action plans to help you reach your ideal position?
Driving Forces
What will it take to motivate others to perform and carry out your strategic plan for growth? Identifying these driving forces will help you further hone your approach and keep you on track for success. Driving forces may include incentives (individual, organizational or both), empowerment, results measurement and tracking. They’re also typically comprised of a combination of productive factors, like a specific mission, and quantitative factors.
Ideal Position
Once you’ve organized your vision, observed your present situation, considered your approach from differing perspectives and identified the driving forces behind successfully growing your property management firm, the final step is defining your ideal position. This will include the conditions necessary for your company to be productive and profitable, the proposed marketplace or niche your business will fill, additional opportunities that may exist (current and/or future), and the strategies necessary to put your plan into action.
Achieving growth for your property management organization doesn’t have to be an impossible goal – at least not when you have the right tools in place. Using the five fundamental elements above to lay your foundation will help you develop and implement a winning strategy for future success.
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Get your free copy of The Property Manager’s Guide to Proactive Management — And make the time necessary to plan for an extraordinary future.
